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London has long been an attractive location for Russian oligarchs, whether their interests are prime real estate or Premiership football clubs. However, the withdrawal of three London initial public offerings by Russian companies this month may give pause for thought.

Sotheby’s and Christie’s encapsulated the buying sprees of the wealthy in the credit boom years, holding auctions when buyers thought nothing of paying tens of millions for a Damien Hirst sculpture or a Lucian Freud oil painting.

The importance of Russia in the world's leading index for emerging market shares has collapsed since reaching a high in June last year, as tumbling stock values and a withdrawal of billions of dollars of investors funds hit the country's stock exchanges.